Utilities M&A » By The Online Investor Staff, updated Sat., Apr. 17, 6:59 AM
Recent mergers and acquisitions in the Utilities M&A category.
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Slide #65. NewQuest Capital Partners — China Hydroelectric Corporation
Acquirer:
NewQuest Capital Partners
Acquiree:
China Hydroelectric Corporation (CHC)
Details:
China Hydroelectric Corporation, an owner, developer and operator of small hydroelectric power projects in the People's Republic of China ("PRC"), announced that it has entered into a definitive Agreement and Plan of Merger with CPT Wyndham Holdings Ltd. ("Parent") and CPT Wyndham Sub Ltd. ("Merger Sub"), which are affiliates of NewQuest Capital Partners and the funds managed by it. Pursuant to the Merger Agreement, Parent will acquire the Company for US$1.17 per ordinary share or US$3.51 per American Depositary Share, each representing three ordinary shares ("ADS"). This represents a 57.4% premium over the closing price of US$2.23 per ADS as quoted by the New York Stock Exchange (the "NYSE") on September 3, 2013, and a 60.5% premium over the volume-weighted average trading price of the Company's ADSs during the 30 trading days prior to, and including, September 3, 2013, the last trading day prior to the Company's announcement on September 4, 2013 that it had received a non-binding proposal letter from CPI Ballpark Investments Ltd, an affiliate of the NewQuest Funds (together, with the NewQuest Funds, "NewQuest"), to acquire all of the Company's outstanding ordinary shares not already owned by them.
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Avg. Broker Rec.
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Hold (2.00 out of 4) 53rd percentile
(ranked higher than approx. 53% of all stocks covered)
Based on Zacks ABR data; powered by Xignite |
